The perfect stormI understand the $600million hopeful sale of Alta resource to fortescue assuming the PEA is good, sssuming the copper price is maintained, assuming Fortescue is willing to pay $600million.
The fact is Bonafacio has had a history of selling companies and then retiring, 3 of the directors are aligned with Fortescue, I am not sure if Freeze and Waller have the energy or stamina to perist after 20 years of struggling to succeed, Bonafacio has publicly stated his minimum price for Alta is $1 per share ($100minillion), Alta is in dire straits financially, the only suiter being Fortescue which has doubled its share count of Alta from 16% to 31% in the last year, Bonafacio has removed the large shareholder control of Alta by reverse consolidation of shares (4 to 1) and allowing Fortescue to double their share count for 50cents fostering the drive to 51% control and finally Alta has quietly dissolved the Shareholder Rights (poison pill) that would prevent a ridiculous sale of $1 share to fortescue. Once at 51% with control its legally "check mate". The is big business Fortescue is not going to pay what the company may be worth if they legally control the sale price. Would you?
The dissolving of Shareholder Rights with no mention and destroying Shareholder control with the consolidation is the oldest trick in the book and it was easy with the tired and desperate condition of Candente.